Mr. and Mrs. Kim, married filing jointly, own a principal residence and a vacation home. Each residence is subject to a mortgage that qualifies as acquisition debt, and both mortgages were incurred before December 15, 2017. This year, the mortgage holders provided the following information: Principal residence Vacation home Mortgage Interest Paid $ 44,500 26,000 Qualified residence interest Average Balance of Mortgage $ 967,800 359,500 Required: Assume the taxable year is 2022. Compute Mr. and Mrs. Kim's qualified residence interest. Note: Do not round intermediate calculations. Round your final answer to the nearest dollar amount.

Mr. and Mrs. Kim, married filing jointly, own a principal residence and a vacation home. Each residence is subject to a mortgage that qualifies as acquisition debt, and both mortgages were incurred before December 15, 2017. This year, the mortgage holders provided the following information: Principal residence Vacation home Mortgage Interest Paid $ 44,500 26,000 Qualified residence interest Average Balance of Mortgage $ 967,800 359,500 Required: Assume the taxable year is 2022. Compute Mr. and Mrs. Kim's qualified residence interest. Note: Do not round intermediate calculations. Round your final answer to the nearest dollar amount.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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